According to a research report “Military Battery Market by Type (Rechargeable, Non-rechargeable), Installation (OEM, Aftermarket), Application (Propulsion, Non-propulsion), Platform (Ground, Airborne, Marine), Composition, Voltage, Power Density and Region – Global Forecast to 2027″ published by MarketsandMarkets, the military battery market is projected to grow from USD 1.3 billion in 2022 to USD 1.6 billion by 2027, at a CAGR of 4.1% from 2022 to 2027. The advent of rechargeable batteries in terms of compact designs and high-power density, is one of the major driving factors for the demand of military battery market.
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Key Market Players
Key players in the military battery market include EnerSys (US), GS Yuasa International Ltd (Japan), Saft (France), Exide Industries (India), and EaglePicher Technologies (US). The players are largely focused on new product development and launches and having a strong global presence will help them gain a competitive advantage in the military battery industry.
By composition, the lead-acid segment is expected to lead the market during the forecast period.
Based on composition, the military batteries market has been segregated into lithium-based, lead-acid, nickel-based, thermal, and others. The lithium-based segment has been further segregated into lithium nickel manganese cobalt, lithium iron phosphate, lithium cobalt oxide, lithium titanate oxide, lithium manganese oxide, and lithium nickel cobalt aluminium oxide. Most aerospace and defense equipment use lithium-based batteries. By composition, the lead-acid segment is estimated to account for the largest share (38%) of the military battery market in 2022. This segment is projected to grow from USD 496 million in 2022 to USD 605 million by 2027, at a CAGR of 4.1% during the forecast period.
By platform, the ground segment has the highest share in the forecasted period
Based on platform, the military battery market has been segmented into ground, marine and airborne. The ground segment is projected to grow at a highest share. This growth can be attributed to the developments taking place in military battery market with respect to partnership, investments, and development of new products.
Rechargeable battery segment has the highest share in the forecasted period
Based on type, the military battery market has been segregated into rechargeable and non-rechargeable batteries. The type segment provides information on the rechargeable and non-rechargeable batteries. A rechargeable battery or storage battery can be charged, discharged, and recharged many times. It is composed of one or more electrochemical cells. Rechargeable batteries cost more than primary batteries but have a lower total cost of ownership.
Europe has the highest share in the forecasted period.
The Europe military battery market is projected to grow at the second highest rate of 4.2% during the forecast period. The growth of this market is driven by the demand for advanced, energy-efficient, and lightweight batteries which offer enhanced safety, functionalities, and reliability.